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AMP Acquires PFI

ATTN: BUSINESS EDITORS

AMP Asset Management today announced it had acquired the management contract for listed industrial property company, Property For Industry (PFI), for an undisclosed sum.

PFI is New Zealand's top listed industrial property investment company, having a portfolio of 37 properties located mainly in Auckland and Wellington. "We are delighted to have acquired the management contract for PFI," said AMP Asset Management Managing Director, Murray Gribben.

"As New Zealand's largest private property investment manager, we see real synergies in property investment management services, particularly as we move to an integrated global approach to investment property management," said AMP Asset Management's head of property, James Darkins.

"We also believe investors will benefit from the choice of two targeted top shelf listed property investments - PFI in industrial property and the AMP NZ Office trust in office property. Together these vehicles enable investors of all sizes to buy straight into best-of-class property investments," Mr Darkins said.

In 1998 PFI enjoyed gross shareholder returns of 19% and had a shareholder base of 3551. Its weighted average remaining lease term was 8.1 years. PFI listed on the New Zealand Stock Exchange in 1994 and has an independent board of directors.

AMP Asset Management is New Zealand's largest investment company managing funds of over $9 billion. ENDS....

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